Huobi ventures, the investment department of Huobi exchange, has announced an $11m fund investment in GameFi projects. GameFi is the infusion of gaming into DeFi features. GameFi’s business model revolves around players making profits for utilizing any of the games’ features such as “play to earn.”
Huobi Expanding Its Reach In The Crypto Space
Early last month, Huobi ventures invested over $101m in asset management-related DeFi projects. Funding for Huobi ventures projects usually comes from a combination of the Huobi Group and its subsidiaries.
Also, any company or projects that Huobi invests in will be backed with Huobi’s resources, such as its PR team, legal counsel, and technology. When interviewed by the media, a top-level executive with Huobi ventures, Unica Yin, opined that metrics had shown a massive spike in the popularity of the gaming project’s play-to-earn model.
He further said, “we are optimistic that blockchain tech will revolutionize gaming projects in the future and would be crucial to the next-gen’s gaming business models.” Huobi Group has created three different fund investment firms that serve different blockchain industry aspects, such as HECO ecology.
Hence, its foray into GameFi projects shows Huobi’s commitment to developing GameFi projects that will be accepted in the marketplace. Also, projects can be assured of full backing with Huobi’s resources.
The Game Space Supremacy Battle
A proof of the soaring popularity in the DeFi gaming niche was the oversubscription to Crypto Gaming United’s fundraising event where the NFT-related GameFi protocol raised over $6m. Also, this past Thursday, another blockchain-built GameFi project, DeFi land, created a Solana-built DeFi game worth over $4m.
Besides Huobi, other exchanges are especially OKEx, and Binance is also jumping on the GameFi project train. They have seen a sharp growth in the DeFi, NFT, and blockchain-built GameFi projects such as Axie infinity. Therefore, they are expanding into that territory before their competition.
Unknown NFT-Platform Token Surges By Over 200% In 24 Hours
A relatively unknown digital asset gained over 200% within 24 hours following an expected listing on a leading crypto exchange. Gala games’ governance token, GALA, gained about 260% within 24 hours, with its price rising from $0.021 to a new peak price of $0.075.
Coingecko data shows that GALA’s market cap is almost $380m and is number 181 on the cryptocurrency rankings. GALA is Ethereum-built and is the reward token for players in the gala games platform. Commenting on the news, the project’s CEO said, “blockchain-built GameFi projects are the next in-thing in this space. It will touch all sectors in one way or another.”
GALA’s massive gains today are attributed to its listing on Binance – the world’s largest crypto exchange. Thus, traders can trade on the GALA/BTC, GALA/BNB, GALA/BUSD, or GALA/USDT pairs.
The exchange further announced that traders could withdraw their earnings within 24 hours after closing their trades. However, GALA has made a few losses and is slightly down from its all-time high. It currently trades at $0.06 and might still makes some moves before trading session ends today.